MARINE INSURANCE ACT 1906 - SECT 3 Marine adventure and maritime perils defined.

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MARINE INSURANCE ACT 1906 - SECT 3

Marine adventure and maritime perils defined.

3.(1) Subject to the provisions of this Act, every lawful marine adventure may
be the subject of a contract of marine insurance.

(2) In particular there is a marine adventure where

(a)Any ship goods or other moveables are exposed to maritime perils. Such
property is in this Act referred to as "insurable property";

(b)The earning or acquisition of any freight, passage money, commission,
profit, or other pecuniary benefit, or the security for any advances, loan, or
disbursements, is endangered by the exposure of insurable property to
maritime perils;

(c)Any liability to a third party may be incurred by the owner of, or other
person interested in or responsible for, insurable property, by reason of
maritime perils.

"Maritime perils" means the perils consequent on, or incidental to, the
navigation of the sea, that is to say, perils of the seas, fire, war perils,
pirates, rovers, thieves, captures, seizures, restraints, and detainments of
princes and peoples, jettisons, barratry, and any other perils, either of the
like kind or which may be designated by the policy.

Avoidance of wagering or gaming contracts.

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Northern Irish Legislation

MARINE INSURANCE ACT 1906 - SECT 3